Trump's Speech Triggers $153M Market Bloodbath in Crypto and Oil

A sudden market shift triggered by US President Donald Trump's national address led to massive liquidations across crypto and commodity markets. Within just four hours, traders lost over $153.7 million as prices swung violently—with oil, bitcoin, and ether all hit hard.

The turmoil began after Trump's speech caused Brent crude oil prices to spike sharply. On Monday, the commodity surged past $117 per barrel before dropping back to around $113. Over the following days, it fluctuated between $101 and $107.63 amid escalating tensions involving Iran. By April 1, 2026, the price settled at $105.45.

Long positions bore the brunt of the sell-off, accounting for $130.8 million of the $153.7 million wiped out in that short window. The largest single loss was a $17.17 million Brent oil trade—the biggest liquidation recorded this week. Tokenized Brent oil futures alone contributed $46.6 million to the total $403 million in market liquidations.

Ether suffered the heaviest overall losses at $104.5 million, followed closely by bitcoin at $98.3 million. Hyperliquid's tokenized commodity contracts absorbed much of the volatility, with the BRENTOIL-USDC pair trading at $107.19 and recording $977 million in 24-hour volume. Open interest in the oil contract peaked at $515 million during the reporting period.

The event marked a shift in market dynamics, with Brent oil futures now rivaling bitcoin and ether in liquidation rankings.

The four-hour liquidation spree highlighted the growing overlap between traditional commodities and crypto markets. Brent oil's volatility, driven by geopolitical tensions and Trump's speech, resulted in record losses for traders. Meanwhile, ether and bitcoin also faced heavy sell-offs, underscoring the interconnected risks across asset classes.